It is some welcome news for Gunners fans in a week that is expected to finish with the sale of former fans favourite Alexis Sanchez to Manchester United, the latest reports claiming he is to undergo a medical over the weekend.
Ozil, like Sanchez, has a contract that is coming to a close and there were fears that he too would be on his way - but apparently this is not the case and former Gunners striker Alan Smith now claims that Ozil is likely to stay with the club and sign a new deal.
He told Sky: "My sources tell me he is quite close to signing a new contract.
"We've not heard much on that and it sounds like negotiations have gone on behind the scenes and he will sign.
"He's been a different player the last couple of months when he's been fit. He's really been putting in a shift, he looks energised, more enthusiasm than he did have and he looks the player that we all think he can be on a consistent basis.
"If he does sign you just want him to continue that. You hope he is not playing in this fashion because he wants to win a new contract.
"He's a top player and to lose Sanchez is bad enough but if you lost Ozil as well, that bit of creativity, it would almost be a mortal blow, a real kick in the teeth for Arsenal."